FL Blacklisted Condos

[gregb]

https://www.miamiherald.com/news/local/article303192396.html

 

[J Grant]

https://www.miamiherald.com/news/local/article303192396.html

This is nothing new - some condos have poor financials or a high number of renters or investors are in fair or worse condition with structural or other problems etc, so the lenders have a list of them - these buildings usually are aware of it and send to sell all cash in most cases-

 

[glenn walker]

Not just Florida all States are in the Bulls Eye regarding Condominiums and Hoa property.

We own a Condo in So Ca that's on the list and it's value over 4 years is down almost 50% because requires all cash buyers and now with fires in CA nobody want's or will insure them or the HOA.

Thank god that's our only Hoa property and pop purchased it 45 years ago so we are Ok except we have no fire insurance so if it burns down game over.

Since the Hoa also has no insurance it's
in bankruptcy so we dont even rent the condo it's vacant and we store junk in it's 1,200 Sq.Ft.and 400 Sq.Ft garage. The adjacent unit was upset so I gave them the garage to use and now they love us.

My new rule is Never Buy or Own anything with a Hoa and sell it while you can because it's just going to get worse. Someday the Insurance and Hoa and taxes and dues will be higher than the mortgages. Those geezers in the Villages one day may wake up in a bigger hell than they ever thought could happen. Sell those golf carts and get out now....lol

 

[Charles West]

If this is a basic inadequate engineering meets subsidence problem scenario, then holders of paper better brace themselves for 100% writeoffs and homeowning retirees are going to eat it along with them.

 

[timd354]

https://www.miamiherald.com/news/local/article303192396.html

Fannie's list includes projects in all 50 states plus DC that do not meet their project requirements for various reasons, which may include, among other things, the property is a condotel, the property is not adequately insured, it is in need of structural repairs, the HOA has inadequate reserves, or the condominium has commercial space in excess of the maximum allowable percentage, etc. Sometimes, the issues get resolved and the condo is removed from the list, but in some cases, it is unlikely that the issue will ever be resolved.

 

[glenn walker]

Uncle Billy RIP --after his last Trophy Wife and his Brentwood Condo said A HOA is like a nagging women who you pay ever increasingly higher and higher maintenance fees as it's depreciating faster than make up and plastic surgery can mitigate.

Then after year's and year's you realize you can never recover your loss.

Luckily that was his last women and last HOA on a golf course and the old fool didn't even golf.